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Dec 31, 2025
Werner Q4 2025 Earnings Report
Werner Enterprises reported a decrease in total revenues and a shift from operating income to an operating loss in the fourth quarter of 2025.
Key Takeaways
Werner Enterprises experienced a challenging fourth quarter in 2025, with total revenues decreasing by 2% to $737.6 million and an operating loss of $35.8 million, a significant decline from the prior year's operating income. Diluted loss per share was $0.46, compared to earnings per share of $0.19 in the previous year. The company initiated a strategic restructuring of its One-Way Truckload business, resulting in a $44.2 million charge.
Total revenues decreased by 2% to $737.6 million in Q4 2025.
The company reported an operating loss of $35.8 million, a substantial decrease from $13.4 million operating income in Q4 2024.
Diluted loss per share was $0.46, compared to diluted earnings per share of $0.19 in the prior year.
A strategic restructuring of the One-Way Truckload business led to a $44.2 million charge in the fourth quarter.
Revenue by Segment
Forward Guidance
Werner Enterprises provided guidance for 2026, including an increase in TTS average truck count, higher net capital expenditures, and growth in Dedicated and One-Way Truckload revenues per total mile.
Positive Outlook
- TTS average truck count is projected to increase by 23% to 28% in 2026, including FirstFleet acquisition.
- Net capital expenditures are expected to be between $185 million and $225 million in 2026.
- Dedicated RPTPW (Revenue Per Truck Per Week) growth is anticipated to be between -1% and 2% in 2026.
- One-Way Truckload RPTM (Revenue Per Total Mile) growth is projected to be flat to 3% in 1H26 vs. 1H25.
- The effective income tax rate is expected to be between 25.5% and 26.5% in 2026.
Challenges Ahead
- Dedicated RPTPW growth could be as low as -1% in 2026.
- One-Way Truckload RPTM growth could be flat in 1H26 vs. 1H25.
- The guidance for net capital expenditures represents a significant increase from 2025, indicating higher investment needs.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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